Press Releases
Transamerica Occidental Life Enhances Its Survivorship Universal Life Product
Includes competitive pricing and a new Return of Premium feature
LOS ANGELES (June 11, 2007) - Transamerica Occidental Life Insurance Company (TOLIC) has introduced a new version of its flexible premium, second-to-die universal life insurance policy, TransACE Survivor®. Enhancements include the addition of a return of premium (ROP) death benefit option and reduced premium rates for ages under 75.
The ROP death benefit option, called the Plus-Premium Option, is available with TransACE Survivor for the first time. At the death of the second insured, beneficiaries can receive the face amount plus the premiums paid net of any refunds, partial surrenders, loans, and premiums due and unpaid, up to a maximum death benefit of four times the face amount.
"TransACE Survivor is a good fit for a variety of legacy and estate planning strategies. Plus, for ages under 75, we've lowered the premiums on the TransACE Survivor policy, making peace of mind more affordable. TransACE Survivor can help families pass their legacies to the next generation with lifetime, guaranteed death benefit protection at very competitive prices," says Bill Tate, TOLIC's Senior Vice President and Chief Marketing Officer.
TransACE Survivor offers a no-lapse guarantee endorsement, which allows for lifetime guarantees, even if the policy's cash accumulation value drops below zero. As long as a positive policy threshold (less any outstanding loans) is maintained, the policy is guaranteed to stay in force for the life of the insureds.
Additional features of the policy include an accelerated death benefit, basic and guaranteed policy split options, a honeymoon endorsement, a sunset option endorsement, and a surrender penalty deferral endorsement.
Five risk classes are available (Select Nonsmoker, Preferred Nonsmoker, Standard Nonsmoker, Preferred Smoker and Standard Smoker). One life can be uninsurable.
TransACE Survivor features Transamerica Occidental Life's "age last birthday" pricing advantage. Issue ages for the Preferred and Standard classes with the Level death benefit option are 16 to 80 for the younger joint insured and 16 to 89 for the older joint insured. For the Select Nonsmoker class with the Level death benefit option and for all risk classes with the Plus-Premium death benefit option, issues ages are 16 to 80, age last birthday of each insured. The minimum face amount is $250,000.
Premiums are flexible as long as the policy owner meets the cumulative minimum required premiums as of each policy anniversary during the first five policy years. Required premiums vary by issue age, underwriting class, rating, face amount, and gender.
For an additional premium, the Estate Protection Rider will provide added insurance coverage during the first four years of the policy. The rider will pay a death benefit upon the death of the surviving insured during the rider coverage period. The minimum face amount of the Estate Protection Rider is $25,000, and the maximum is 125 percent of the base policy.
Producers interested in more information about TransACE Survivor may contact the Western Regional Marketing Center (which covers states west of the Mississippi) at (888) 862-1936 or the Eastern Regional Marketing Center at (888) 558-8743.
About Transamerica
Transamerica Insurance & Investment Group—a marketing unit for TOLIC and its affiliates—offers an array of innovative financial services and products designed to help individuals, families, and businesses build, protect, and preserve their assets. These products and services are underwritten by TOLIC or its affiliated statutory insurance companies, and include term life insurance, universal life insurance, variable universal life insurance, and fixed annuities.
TOLIC is rated A+ (Superior), the second highest of 16 ratings by A.M. Best, Aa3 (Excellent), the fourth highest of 21 ratings by Moody's, AA+ (Very Strong), the second highest of 24 ratings by Fitch, and AA (Very Strong), the third highest of 21 ratings by Standard & Poor's for financial strength (ratings as of May 2007). TOLIC is an AEGON company. Headquartered in The Hague, the Netherlands, AEGON is one of the world's leading life insurance and financial services organizations.
For more information about Transamerica, visit www.transamerica.com.
